The 24-year-old was brought on in the second half and scored the only goal of the game to give the Terriers the win over his old club.
Huddersfield move eight points clear of the drop zone to 16th in the Championship, while Palace stay fifth.
The Terriers came close just short of the half-hour mark when Neil Danns aggressively won the ball back before playing a one-two with Arfield, but he couldn't beat Speroni, who pushed the low effort behind.
The visiting keeper was called into action yet again just before the break when he saved from Danns, who volleyed his shot into the ground from a Calum Woods cross.
Andre Moritz had the next opportunity from a long-range free kick with 36 minutes gone, but his shot was saved low to Smithies's left.
After the break, it was Danny Butterfield who had the first chance of the half, but his sweet strike flew just over the Huddersfield goal.
The deadlock was finally broken with 25 minutes to play when James Vaughan latched on to an Arfield pass before cooly slotting past Speroni to give the hosts the lead against his former club.
Bolasie came close to an equaliser six minutes later, but his long-distance free kick whistled just past the post.
Palace failed to create any real opportunities to level the match, and in the dying moments of added time, Arfield saw his chip over a stranded Speroni bounce off the top of the crossbar.